AssetWise Hits THB 2.1bn Revenue in Q1 as Phuket Market Surges
Property developer ASW posts 41% gross profit margin and prepares to transfer four major projects worth THB 13.3bn, driven by robust luxury demand
- AssetWise (ASW) reported total revenue of THB 2,162 million in the first quarter, a 20% increase year-on-year.
- The revenue growth was significantly driven by a surge in the Phuket leisure residence market, where sales rose by 21% during the high season.
- The company achieved a high gross profit margin of 41%, attributed to the transfer of newly completed condominiums and strong demand.
- Building on this momentum, ASW is preparing to transfer four additional projects worth THB 13.3 billion and has launched a new THB 2 billion luxury development in Phuket.
Property developer ASW posts 41% gross profit margin and prepares to transfer four major projects worth THB 13.3bn, driven by robust luxury demand.
AssetWise Public Company Limited (ASW) has celebrated its fifth anniversary on the Stock Exchange of Thailand (SET) with a formidable first-quarter performance, reporting total revenue of THB 2,162 million—a 20% increase year-on-year.
The developer’s results were bolstered by a standout gross profit margin of 41%, amongst the highest in the sector. This profitability was driven by the timely transfer of newly completed condominiums and a surge in the Phuket leisure residence market during the traditional high season.
Operational Highlights and Profitability
Chief Executive Officer Kromchet Vipanpong attributed the quarterly success to the commencement of transfers for several high-profile projects, including Modiz Avantgarde and Kave Luminous Bangmod.
Furthermore, the company’s subsidiary, Rhom Bho Property PLC (TITLE), delivered THE TITLE Serenity Naiyang ahead of schedule.
"This strong start to the year stablises our trajectory amidst global economic volatility," Kromchet stated. "Our net profit has grown by 14% to THB 230 million, reflecting both our efficient cost management and the high demand for our strategic locations."
By the end of March, ASW had secured sales of THB 6,854 million, representing 37% of its total annual target of THB 18,500 million.
The Phuket ‘Growth Engine’
Phuket continues to serve as the primary catalyst for ASW’s expansion. Sales in the region rose by 21% over the last high season, leading the company to launch THE TITLE Vivana Kamala in April—a THB 2,000 million luxury Mediterranean-style development near Kamala Beach.
Looking ahead to the second quarter, the company is preparing to transfer four additional projects with a combined value of THB 13,360 million, including:
Modiz Vault Kaset-Sripatum and Kave Genesis Nakhon Pathom (Education-centric 'Campus' condos).
THE TITLE Heritage Bang-Tao and THE TITLE Serenity Naiyang (Leisure residences).
Market Outlook and Net-Zero Goals
ASW currently holds a robust backlog of THB 38,010 million, ensuring revenue recognition through to 2028. The developer is also poised to benefit from recent government interventions, including the reduction of the policy interest rate to 1.00% and the extension of Loan-to-Value (LTV) relaxations until mid-2027.
"These measures are vital tools to ease the financial burden on buyers," Kromchet noted. Under its "EMPOWERING THE FUTURE" strategy, ASW expects to reach an all-time high in project deliveries this year, totalling more than THB 26,760 million.
The company remains committed to disciplined inventory management while pivoting towards sustainable, low-carbon residential innovation.
